Company registration number 10084576 (England and Wales)
T M PLANT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
T M PLANT LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
T M PLANT LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,984,967
3,164,828
Current assets
Debtors
4
1,399,895
1,556,731
Cash at bank and in hand
1,305,575
1,143,523
2,705,470
2,700,254
Creditors: amounts falling due within one year
5
(1,377,317)
(1,037,286)
Net current assets
1,328,153
1,662,968
Total assets less current liabilities
5,313,120
4,827,796
Creditors: amounts falling due after more than one year
6
(377,381)
(779,790)
Provisions for liabilities
(654,964)
(544,113)
Net assets
4,280,775
3,503,893
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
4,280,675
3,503,793
Total equity
4,280,775
3,503,893
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
T M PLANT LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 15 March 2024
Mr T Marron
Director
Company registration number 10084576 (England and Wales)
T M PLANT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
T M Plant Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2-4 Packhorse Road, Gerrards Cross, Buckinghamshire, SL9 7QE. The company's registration number is 10084576.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Straight line over 50 years
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
T M PLANT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Assets obtained under hire purchase contracts are capitalised as tangible fixed assets.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
T M PLANT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
6,680,689
15,842
134,679
6,831,210
Additions
902,957
858,948
1,761,905
Disposals
(139,776)
(1,876)
(28,546)
(170,198)
Transfers
(162,700)
162,700
At 31 March 2023
902,957
7,237,161
13,966
268,833
8,422,917
Depreciation and impairment
At 1 April 2022
3,573,101
6,762
86,519
3,666,382
Depreciation charged in the year
755
853,395
2,270
54,557
910,977
Eliminated in respect of disposals
(114,074)
(1,605)
(23,730)
(139,409)
Transfers
(3,317)
3,317
At 31 March 2023
755
4,309,105
7,427
120,663
4,437,950
Carrying amount
At 31 March 2023
902,202
2,928,056
6,539
148,170
3,984,967
At 31 March 2022
3,107,588
9,080
48,160
3,164,828
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
802,215
774,344
Other debtors
553,927
736,511
Prepayments and accrued income
25,003
27,126
1,381,145
1,537,981
2023
2022
Amounts falling due after more than one year:
£
£
Prepayments and accrued income
18,750
18,750
Total debtors
1,399,895
1,556,731
T M PLANT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
1,008,280
762,119
Other borrowings
27,043
Trade creditors
200,099
23,170
Corporation tax
141,027
54,890
Other taxation and social security
19,930
Other creditors
947
Accruals and deferred income
7,981
169,117
1,377,317
1,037,286
Obligations under finance leases are secured on the assets concerned.
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
377,381
779,790
Obligations under finance leases are secured on the assets concerned.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
8
Operating lease commitments
Lessee
The company have the following financial commitments relating to non-cancellable operating leases at the balance sheet date.
2023
2022
£
£
14,583
T M PLANT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
9
Directors' transactions
The amount advanced to the director is repayable on demand and bears interest at the HMRC official rate of 2.0%.
Dividends totalling £23,000 (2022 - £50,000) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
2.00
729,787
530,699
12,758
(730,659)
542,585
729,787
530,699
12,758
(730,659)
542,585